ETH witnessed a price increase of 19.24% and stood at $3,662. This was attributed to the SEC’s aim towards the initial lot of US ETH-spot ETF applications, which helped increase the demand for ETH.
As per an ETF analyst at Bloomberg, Eric Balchunas, he strongly felt the SEC would be granting its consent on ETH-spot ETFs, as per the information regarding the SEC requesting exchanges to bring up to date the 19b-4 filings. There will be a relook at the application before observing the ultimate closure.
VanEck Ethereum ETF and ARK 21Shares Ethereum ETF have time limits until the 23rd of May and the 24th of May, respectively. In the case of Hashdex Nasdaq Ethereum ETF, it is the 30th of May, whereas Grayscale Ethereum Trust has been given a timeline until the 23rd of June. Grayscale withdrew its application before growing rumors regarding the consent for its ETH-spot ETF.
The SEC still views the ETH in the form of security. Passing consent for ETH-spot ETF may signify the SEC changing its stance and accepting more cryptos to be placed in the commodity section.
Bitcoin (BTC) increased by 5.97%, reaching $70,203.
The US BTC-spot ETF scenario witnessed six consecutive days of large net inflows.
It was a relaxed time for BTC as it hovered above the 50-day and 200-day EMAs, signifying an absolute upward trend. BTC, coming out of the $70,000 range, will find itself reaching towards the $73,808 figure. BTC traveling under the $69,000 mark will have the 0-day EMA and a support price of $64,000.